aundering activities. The penalties if convicted of money laundering are up to 20 years imprisonment, fines up to $500,00 or two times the amount laundered, and forfeiture assets.The Anti-Drug Abuse Act of 1988oReinforced anti-money laundering efforts in several ways, including: requiring identification and recording of cash purchases of certain monetary instruments, gave the Treasury Department permission to request financial institutions to file geographically targeted reports, and increasing the criminal sanction for tax evasion when money from criminal activity is involved. Section 2532 of the Criminal Control Act of 1990oGives law enforcement the permission to request the help of a foreign banking authority in any investigation, examination, or enforcement action. Section 206 of the Federal Deposit Insurance Corporation Improvement Act of 1991oGives law enforcement some latitude to disclose information obtained in the course of exercising its investigative or examination information to foreign bank regulatory or supervisory authorities. A disclosure must be appropriate, must not prejudice the interests of the United States, and must be subject to appropriate assurances of confidentiality. Title XV of the Housing and Community Development Act of 1992 (referred to as the Annunzio-Wylie Anti-Money Laundering Act)oAllows regulators to: close or seize institutions by appointing a conservator or receiver or terminating the institutions charter. Suspend or remove parties who have violated the BSA or been indicated for money laundering. Prohibit any individual who has been convicted of money laundering from participation in any federally insured institution. A major way to combat money laundering is to evoke a global order against it. The U.S. and other countries that currently have regulations against money laundering must persuade the countries that do not have these regulations to develop them. There is a need to develop software that w...
